This invention relates to a coin changer having a payout mechanism with two independently movable slides which are capable of moving past two storage tubes for coins of different denominations so as to pay out coins from the tubes. The payout mechanism is of the same general type as disclosed in U.S. Pat. No. 3,738,377. In such a payout mechanism, the slides are adapted to be latched in home positions. During each payout cycle, the appropriate one of the slides is unlatched and allowed to move to its payout position to discharge a coin from the associated storage tube, the other slide remaining in its home position. In this way, the changer can be made to pay out a coin of proper denomination by unlatching the proper slide and allowing such slide to move to its payout position.